Saudi Would Not Sell to Any Country Imposing Price Cap: Energy Minister

Riyadh will not sell oil to any country attempting to introduce a price cap on it, Saudi Energy Minister Prince Abdulaziz bin Salman said in an interview with Energy Intelligence.

• Bin Salman made the comments referring to the US NOPEC (No Oil Producing and Exporting Cartels Act) bill.
• "If a price cap were to be imposed on Saudi oil exports, we will not sell oil to any country that imposes a price cap on our supply, and we will reduce oil production, and I would not be surprised if others do the same," he said.
• "The Nopec bill does not recognize the importance of holding spare capacity and the consequences of not holding spare capacity on market stability. Nopec would also undermine investments in oil capacity and will cause global supply to fall severely short of future demand," he said.
• Various versions of the bill have failed in Congress.